1 year ago
Hong Kong cryptocurrency speech JPEX has suspended trading pursuing an probe by the Hong Kong Securities and Futures Commission (SFC), which resulted successful the apprehension of 1 idiosyncratic attached to the exchange, according to a local media report.
Hong Kong-based JPEX has been operating successful the territory without a license, the SFC says, and constabulary person received galore complaints astir the platform.
“Recently, owed to the unfair attraction by applicable institutions successful Hong Kong towards JPEX, a cryptocurrency trading platform, and a bid of antagonistic news, our partnered third-party marketplace makers person maliciously frozen funds,” the speech said successful a blog post. “They demanded much accusation from the level for negotiation, restricting our liquidity and importantly expanding our regular operating costs, starring to operational difficulties.”
Amid these liquidity challenges, JPEX said it volition delist each transactions connected its Earn Trading interface arsenic of Monday, portion ensuring ongoing orders and adjusting withdrawal fees. The speech besides said it is considering restructuring arsenic a Decentralized Autonomous Organization (DAO).
Local media successful Taiwan study that JPEX’s Taipei bureau was precocious vacated, and authorities person reportedly questioned Taiwanese influencers hired by the exchange.
On its website, JPEX says it is licensed by securities authorities successful Australia and has registration with the U.S. Financial Crimes Enforcement Network (FinCEN) arsenic a Money Services Business (MSB).
Attendees who visited JPEX’s booth during the caller Token2049 conference successful Singapore recovered it to beryllium reportedly abandoned aft the archetypal day.
JPEX's thinly-traded speech token, JPC, is down 21% during the past 24 hours.
Edited by Parikshit Mishra.
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